Weekly US energy inventories and production data
- Prior was +4580K
- Gasoline -8430K vs -2100K exp
- Largest gasoline inventory drop since at least 1980
- Distillate -3220K vs -1500K exp
- Refinery utilization -2.0% to 77.7%
- Production +6.5%
- Production 9.353 mbpd vs 8.781 mbpd prior
- Production was almost back to pre-Harvey levels
Since I've been asked about it, the rebound in production was entirely expected. It happens every time there is a hurricane. Offshore rigs shut down because of the storm and came back online afterwards. Here's a chart showing US production (mbpd).
API numbers released yesterday:
- Crude +6181K
- Gasoline -7896K
- Distillates -1805K
- Cushing +1320K
My guess is that high gasoline demand is the big story here. Lots of people were rushing to fill up because of the hurricanes.